online resources

How The Dollar (DXY) Is Responsible For Bitcoin Rejection Under $14,000

Bitcoin has been explosive for the past few weeks now, revisiting highs from 2019. But before the leading cryptocurrency by market cap could set a higher high and confirm a bull market, the dollar’s recovery might have gotten in the way. According to the DXY Dollar Currency Index, the greenback has formed a rounding bottom and broken upward out from a falling wedge reversal pattern. But why exactly is this bearish for Bitcoin, and what could it mean for the cryptocurrency market bull run that might have been brewing? Bitcoin Bull Market Was Just Inches Away, But The Still Dominant…

Continue Reading How The Dollar (DXY) Is Responsible For Bitcoin Rejection Under $14,000

Analysis: Bitcoin Retains US Stock Correlation Following Latest Sell-off

Bitcoin fell Wednesday, almost alongside the US stock futures, as a rising number of coronavirus cases sent investors to the safety of the US dollar and Treasuries. The benchmark cryptocurrency dropped 3.5 percent ahead of the New York opening bell. Its move downside came as a price correction that followed a 23 percent rally, suggesting that traders with short-term market outlook were locking their profits. The Bitcoin’s price depreciation also brought the cryptocurrency back in sync with the US stocks. Futures tied to the S&P 500 plunged 1.5 percent in the pre-trading session Wednesday. The sell-off sentiment also impacted safe-haven…

Continue Reading Analysis: Bitcoin Retains US Stock Correlation Following Latest Sell-off

Bitcoin Remains The Best Protection Against A “Devalued Dollar”

During a time when money has become more difficult to come by for many, and the fiat monetary system is on the brink of collapse, Bitcoin might be the best chance at protecting wealth. One CEO of a risk management firm that educates investors on how to protect capital, claims that the leading cryptocurrency by market cap “remains the best short-term macro correlation” versus a “devalued dollar.” Here’s what that could mean and how that could benefit investors in what could be a very bleak future. Risk Management Firm CEO: Bitcoin Is The Best Macro Correlation Versus A Devalued Dollar…

Continue Reading Bitcoin Remains The Best Protection Against A “Devalued Dollar”

3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell’s Speech

It is Monday. Bitcoin is holding above crucial technical support at $11,400. Meanwhile, its safe-haven rival, the US dollar, is experiencing a sharp decline. The inverse correlation between the two stark assets is visible all over again. Only this time, the catalyst that is driving them into different directions is a Jerome Powell speech on the future of cross-border payments at the International Monetary Fund’s (IMF) annual meeting at 8 am ET today. Here are three possible reasons that may have catalyzed Bitcoin’s recovery and the US dollar’s slump ahead of Powell’s speech. #1 Pre-Conceived Notions for Bitcoin The Federal…

Continue Reading 3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell’s Speech

3 Biggest Bitcoin Takeaways from JPMorgan’s Q3 Earnings

JPMorgan is not a Bitcoin indicator. But the American banking giant’s third-quarter earnings report is full of anecdotes that may influence the cryptocurrency’s future outlook – in one way or another. Background The JPMorgan earnings showed an increase in profits by about 4 percent from a year ago. The WSJ reported the outcome as “surprise,” stating that the bank’s return to pre-pandemic levels baffled earlier Wall Street estimations. JPMorgan somewhat represents the health of the US economy, which remains in recession thanks to coronavirus. However, it was not the consumer business that upped JPMorgan’s profits. The bank made its money…

Continue Reading 3 Biggest Bitcoin Takeaways from JPMorgan’s Q3 Earnings

What Trump’s Coronavirus Detection Could Mean for Bitcoin

Bitcoin was among the only safe-haven assets that didn’t surge following the latest Donald Trump news. The benchmark cryptocurrency stared at losses over the previous 24 hours, falling 3.52 percent to $10,489 as of 0800 UTC. Its latest decline came after the US authorities filed criminal charges against the owners of BitMEX, one of the leading crypto derivative platforms by volume. BitMEX XBT/USD open interest down nearly 20% pic.twitter.com/HywWAt49HI — Unfolded (@cryptounfolded) October 2, 2020 Bitcoin’s downside move accelerated in part after Mr. Trump revealed that he and his wife Melania were tested positive for coronavirus. The global market responded…

Continue Reading What Trump’s Coronavirus Detection Could Mean for Bitcoin

3 Reasons Why Bitcoin Price Could Fall in Q4/2020

2020 has been a rollercoaster year for Bitcoin. The lockdowns caused by the coronavirus pandemic earlier in the year pushed the crypto lower by almost 60 percent. Its crash shortly followed an equally aggressive rebound that took its price up by 220 percent. It is safe to say that Bitcoin is sitting in a profitable position so far into the year. The cryptocurrency’s year-to-date performance at 50 percent above zero stands taller than the one logged by traditional markets, including the US benchmark S&P 500 index. But entering the fourth and final quarter of 2020, the Bitcoin market struggles with…

Continue Reading 3 Reasons Why Bitcoin Price Could Fall in Q4/2020

A “Flash Crash” Scenario Looms Over Bitcoin; Here’s Why

Bitcoin may undergo a significant price correction before the US presidential election due to its proximity to gold, hints Clem Chambers. The CEO of ADVFN – Europe’s leading stocks and shares website, told Kitco News that most assets that have shown a positive correlation during the 2020 bull run tend to fall in tandem. He spoke about gold and how a “flash crash” in its markets could leave other assets in a similar bearish spell. “I got a warning from the market about ten days ago…so I cleared the decks because I think it’s highly likely, not absolutely certain, but…

Continue Reading A “Flash Crash” Scenario Looms Over Bitcoin; Here’s Why

US Dollar Will Crash “Faster and Harder,” Says Pro-Bitcoin Economist

A recent sharp pullback move in the US dollar market is insufficient to log a full-fledged upside breakout. So says Stephen Roach, the former chairman of Morgan Stanley Asia. The pro-Bitcoin economist wrote in an op-ed that the US dollar could fall by as much as 35 percent by the end of 2021 due to strengthening foreign currencies, rapid macroeconomic imbalances in the US, and the end of the American hegemony over global reserve assets. Mr. Roach stressed that the net national savings rate in the US has plunged into negative territory for the first time since the 2008-09 economic…

Continue Reading US Dollar Will Crash “Faster and Harder,” Says Pro-Bitcoin Economist

Bitcoin Decouples from Gold, Stocks after Overnight Sell-Off, What’s Next?

Bitcoin did its own thing during the late Monday trading session. The benchmark cryptocurrency plunged suddenly towards $10,600 after maintaining intraday gains above the $10,800-support all day. The sell-off appeared despite a healthier macroeconomic outlook led by signs of progress in the release of the second COVID-19 stimulus package. US House Democrats released a $2.2 trillion aid that would reinstate $600 weekly unemployment benefits. The revelation followed House Speaker Nancy Pelosi’s commitment to revive stalled negotiations with the White House over the size of the coronavirus stimulus. Breakaway Move Pelosi spoke with US Treasury Secretary Steven Mnuchin on Monday –…

Continue Reading Bitcoin Decouples from Gold, Stocks after Overnight Sell-Off, What’s Next?

Bitcoin Analyst Alerts of Looming ‘Bear Cross’ as Price Jumps Higher

Even as the bitcoin price jumps against favorable macro fundamentals, a chartist sees the cryptocurrency moving downwards in the coming sessions. The pseudonymous analyst pitched a highly bearish scenario for BTC/USD on Monday. He envisioned that the pair’s 50-day moving average would close below its 100-day moving average, leading to the formation of a so-called “Bear Cross” – also known as ‘Death Cross’ among financial pundits. The ‘Bear Cross’ setup, as presented by Bitcoin analyst Big Chonis Trading. Source: TradingView.com Traders typically perceive Death Crosses as a sign of a significant selloff. Ideally, they watch the 50-period and 200-period MAs…

Continue Reading Bitcoin Analyst Alerts of Looming ‘Bear Cross’ as Price Jumps Higher

A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin

The US dollar is on track for its most significant monthly performance since July 2019. But it continues to feel the pressure from its all-time bearish outlook. Why? A monthly chart of the US dollar index (DXY), a barometer to gauge its performance against a basket of top foreign currencies, shows the greenback in a lifelong downtrend. So it appears, the index has been trending lower inside a Descending Channel, as confirmed by more than two lower highs and lower lows. DXY pulls back after testing the upper trendline of the giant Descending Channel. Source: TradingView.com The purpled area shows…

Continue Reading A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin

Bitcoin May Break Below $9K on Wall Street Correlation: Stock Analyst

Any attempts from Bitcoin to secure higher price levels may fall short as long as its correlation with the US stocks sustains. So predicts Ronnie Moas, a stock market analyst heading Florida-based research firm Standpoint Research. He said in an early Thursday tweet that Bitcoin might fall by another $400 (or more) in the coming sessions. The expected downside move should come if the Wall Street indexes correct lower by 10-20 percent. “Bitcoin has been tracking the USA stock market very closely during the recent collapse,” explained Mr. Moas. “If this correlation continues, you may very well see a break…

Continue Reading Bitcoin May Break Below $9K on Wall Street Correlation: Stock Analyst

This US Dollar Fractal Predicts Bitcoin Is on the Verge of a Strong Surge

The common narrative shared over recent months is that Bitcoin is adversely affected by increases in the value of the U.S. dollar. Case in point: when the dollar began to spike in February and March, BTC began to tumble lower, as did the S&P 500 and the price of gold. More recently, when Bitcoin topped in August, the U.S. dollar was in the middle of a dead cat bounce. But over recent days and weeks, the two markets have begun to disconnect. Bitcoin has somewhat flatlined as the U.S. Dollar Index (DXY) has undergone a strong 1-2% bounce. An analyst…

Continue Reading This US Dollar Fractal Predicts Bitcoin Is on the Verge of a Strong Surge

How the Dollar’s Fall from the Top Could Fuel the Future of Bitcoin

Bitcoin was built and designed to be directly opposed to the dollar in every way. In a sense, it is its destiny to trade against the dollar until it meets its untimely demise. That demise could very well be beginning thanks to the pandemic, and its fall from glory could also fuel a future where Bitcoin takes its throne. Here’s what that could look like from a technical analysis perspective. DXY Dollar Currency Index Short-Term Reversal Failure Could Lead To Devastating Breakdown The dollar is one half of every most dominant Bitcoin trading pair on every top crypto exchange. The…

Continue Reading How the Dollar’s Fall from the Top Could Fuel the Future of Bitcoin

3 Crucial Reasons Why Bitcoin Could Fall Below $10K This Fall

Bitcoin faces the prospects of breaking below $10,000 after failing to extend a rally that pushed its price up by 70 percent earlier this year. Bitcoin is maintaining support above $10,000. Source: TradingView.com Here are the top three risks the cryptocurrency is facing as it heads towards the fourth and final quarter of 2020, according to the latest fractals and multiple observations. #1 Another US Equity Selloff; Bitcoin Correlation One of the main reasons Bitcoin faces the risks of falling in the coming sessions is the equity market. The cryptocurrency earlier traded higher when the US stocks were doing the…

Continue Reading 3 Crucial Reasons Why Bitcoin Could Fall Below $10K This Fall

Analysts Explain Why Bitcoin Bearish Correction Could Turn Worse

Bitcoin is trading almost 17 percent below its year-to-date high near $12,500. And, according to analysts at TradingShot, the downside bias is about to turn a lot worse. The independent market analysis portal spotted the benchmark cryptocurrency testing the support of a medium-term Ascending Channel. At the same time, it highlighted BTCUSD’s latest plunge below its 50-day moving average wave – an otherwise concrete price floor. A Bearish Setup Analysts placed a Fibonacci Retracement graph on the top of its Ascending Trendline and 50-WMA narrative. The multi-level diagram revealed crucial resistance and support levels as BTCUSD heads lower. TradingShot had…

Continue Reading Analysts Explain Why Bitcoin Bearish Correction Could Turn Worse

How The Dollar (DXY) Index Is Responsible For Today’s Bitcoin Carnage

Bitcoin price is down $800 in just over 24 hours, and elsewhere in the finance space, there is pure carnage. Gold fell below $1900, and stocks are downward spiraling. And behind it all is the dollar. But why is the Dollar Currency Index (DXY) potentially responsible for the market-wide collapse and what exactly is driving it? Bitcoin Price Collapses $800 In Early Week Selloff, Another Test of $10,000 Next? Bitcoin price tapped over $11,000 one last time before a deadly drop began later Saturday night and into Sunday. The drop extended deeper into the weekday trading week, with a fall…

Continue Reading How The Dollar (DXY) Index Is Responsible For Today’s Bitcoin Carnage

A $9,800 Bitcoin is Possible After Overnight Upside Rejection: Analyst

Bitcoin bulls should brace for the cryptocurrency to hit the $9,800 valuation, according to an analyst. The pseudonymous entity envisioned the downside scenario after BTC/USD failed to maintain support above $11,200 on Sunday. A high selling pressure around the said level ensued an overnight bearish correction. As a result, the pair fell to as low as $10,750 at one point in time. “SuperTrend is now flipping bearish and looks to be ready to correct as predicted,” the analyst noted, adding that he has closed most of his spot Bitcoin positions with expectations to open them later at lower levels. BTC/USD…

Continue Reading A $9,800 Bitcoin is Possible After Overnight Upside Rejection: Analyst

Bitcoin Weekly Outlook: All Eyes on Powell and Mnuchin Testimonies

Bitcoin posted choppy trades last week but managed to close the session modestly higher. The Federal Open Market Committee’s meeting on policy decision was the most significant catalyst behind the cryptocurrency’s conflicted market bias. BTC/USD rose by about 7.5 percent to $11,099 ahead of the Federal Reserve Chairman Jerome Powell’s press conference. Traders anticipated the Fed chair to deliver a long-term dovish outlook. And he did so by saying that the US central bank would keep interest rates lower until 2023 while aiming to target inflation above 2 percent. Nevertheless, BTC/USD uptrend eased on Thursday and Friday as traders assessed…

Continue Reading Bitcoin Weekly Outlook: All Eyes on Powell and Mnuchin Testimonies

End of content

No more pages to load